LONDON (ShareCast) - (Sharecast News) - Self-storage group Big Yellow has received planning permission for a new 132,000 square-foot centre in a "rare" strategic location in Wapping, East London.

The company announced on Monday it has obtained planning consent to build the self-storage centre, along with 114 flats, with demolition of the site's existing buildings to "commence shortly".

It is spending £56m on the new project, including £36m to be spent on construction. Big Yellow reckons the new store will deliver 9% net operating income return.

The site is currently home to a temporary 31,000 sq ft store, which will be closed when construction is completed.

"This is an important planning consent that has been secured in a strategic and rare central London location that we are confident will deliver a meaningful contribution to our revenue and earnings in due course," said company chief executive Jim Gibson.

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